You'll never find another emcee that sounds like Mr. Lif. He's not the most visible guy on the rap scene, so chances are that if you are looking for this then you already know who he is and what he's about. With that being said, the production from EL-P, Fakts One, paWL, and Lif himself is dope. I like to describe it as electronic boom bap (you know -- whirrs, clicks, beeps, etc). As far as lyrics go, I've never heard Lif on a beat where he couldn't catch wreck.
As far as flaws, it's an EP, so there really aren't many. I tend to skip the title track because it's a song that I have to be in the mood for, but the scratches and cuts on that joint are ill, so it's still listenable. I do find "Front On This" (produced by paWL) kind of boring and I would label it as skip material.
Mr. Lif Enters The Colossus is Lif's debut EP, so I can't say that this is his best release because he would grow and go on to drop better material (I Phantom and Emergency Rations, for example). At any rate, you probably know already that Lif. doesn't make bad albums. So any Lif album is a good starting point if you're just getting into his music. I recommend adding this EP to your collection.
Standout Tracks: Cro-Magnon feat. Illin' P (My Favorite), Avengers feat. Akrobatik, Pulse Cannon feat. Insight & T-Ruckus, Arise, Datablend